If it rains, it can flood. Flooding is the most common and most damaging natural disaster in the country. In Florida, flood risk is higher due to the state’s frequency of storms and proximity to water. Despite this, most insurance policies do not cover flooding. According to the Federal Emergency Management Agency (FEMA) report, 40% of businesses don’t reopen following a natural disaster, and 25% that reopen fail within a year.
- Wherever it rains, it can flood
- Flood damage is expensive, and the average commercial flood claim is $90,000
- Your property insurance does not cover flood damage; you must buy a separate flood policy
- About 25% of Small Businesses never reopen following a natural disaster
Between 2010 and 2021, flooding and flood-related events accounted for 26% of the billion-dollar natural disasters in the U.S. Among these were Hurricane Sandy ($80 billion), Hurricane Irma ($58 billion) and more recently the Missouri River/North Central flooding event ($12 billion). An average of 25–30 percent of all flood claims paid by the National Flood Insurance Program are for properties outside of high-risk areas, according to floodsmart.gov. As weather events caused by climate change continue, the threat of more (and more costly) flood events increases.
This is why businesses need Flood Insurance. Flooding is the most frequently occurring disaster in the US and can happen anywhere it rains, especially Florida. It’s very hard to get Flood Insurance immediately. Flood Insurance policies typically have a 10 to 30 day waiting period.
Don’t wait! Contact Streamlined Business Insurance for more information and to protect your business before a flood happens.
